2018 Kia Sorento EX V6 | Advice appreciated!

Ask the Hackrs
1

Hi all,

Still reasonably new to leasing and appreciate input from everyone.

Was just offered the following for a 2018 Kia Sorento EX V6 with touring package.

MSRP: $40,095
Price: $37,231
Rebate: $5930
Residual: 54%
MF: 0.00194
Term: 36m
Miles: 10k/yr
Cash upfront: $464.49 (first month)
Tax: $419.65
Acquisition fee: $650.00
Fees: $467.75

Monthly payment inc tax: $450.26

I thought the MF looked high, but the dealer showed me what he told me was a Kia table of set MF rates, and this was the top tier for this vehicle, and therefore was not a negotiable point - is this true?

I also questioned the acquisition fee, which again he said was set by Kia. He also said that both Acquisition fees and Fees were baked into the monthly payments.

Finally, I had a go at the sale price, but he said that this was as low as he could go because he was transferring it from another dealership.

When I compare this to the CX-9 offer I received, the MF on this is a lot higher, and the residual is a lot lower, but this is the only vehicle that is going to work for us on size and spec.

I ran this through the calculator, but got a bit confused with costs that are baked in and those that are not.

Any advice you can give to help with this one would be GREATLY appreciated!

Thanks guys.

2

Doesn’t come close to the 1% rule. Pretty crummy offer imo. I’d look at Acadia and QX60

3

Does that mean that the dealer is trying to pull one on me, or that the car just isn’t leasing well?

4

Probably just isn’t leasing well. 1% rule means that one payment is equal to or less than 1% of the MSRP. See what 24 months is, but I’d look at Acadia. The new one is fantastic and will offer you the room you need

5

Thanks @BoardWalkNJ - Oh I see, I hadn’t understood the 1% rule well then. One payment in this case is 1.1%.

The 24m had a worse money factor at 0.00207. Is the grid that he showed me likely to be from Kia, or is this a dealer trick?

We had a look at the GMC, but wife wasn’t keen. Trying to work out if it is possible to get the Kia any better than this, and what my negotiation tactic could be.

6

Probably a mix of both. Check Edmunds to confirm what the buyrate MF is.

7

Thanks @Jon. Do you mean ask the Edmunds forum, or is there an area on Edmunds that records this?

Also, what do you mean by mix of both? Mix of trick and reality?

8

He means the Edmunds forum. Google “2018 Kia Sorento lease Edmunds” and it should pop up.

1 Like
9

Thanks @Jason_B.

Any other suggestions of beating this deal, or am I just looking at a poor car to lease right now?

10

High money factor, low residual, minimal incentives, does not make for a deal. In fairness, SUVs in general aren’t leasing great. Seems like Mazda CX-9 Touring is leasing in mid 300s based on other posts. Same for Highlander XLE. I think those are better options if you plan to lease.

11

I just checked Edmunds for you. Looks like the Acquisition fee is $650 per the Edmunds dude Michaell. The numbers are usually the same for every state, the rebates/lease cash are different

https://forums.edmunds.com/discussion/45845/kia/sorento/2018-kia-sorento-lease-deals-and-prices/p7

12

Thanks @naviSRT - appreciate the look. I have also posted the deal on there, so will see if I get any feedback.

Thanks very much

13

I was looking at the CX-9, but it is a little too long for the garage.

Do you think these numbers are the best I can do with the dealer @Jason_B ?

14

I certainly don’t know the Kia suv market well, but I would think 10-12% discount pre incentives is obtainable. So $1000+ in further discount should be possible. Best way to find out is to contact more dealers and see what you get. Month end and quarter end should make dealers more aggressive.

15

Thanks @Jason_B - very much appreciate the advise and support.